Islamabad: The government of Pakistan has distributed over Rs1.69 trillions collected from the masses in the head of taxes among declared white elephants despite reorganizing them where corruption, nepotism and bad performance is on their peaks.
This has been learnt from the documents of finance ministry provided to parliament which stated that these white elephants including National Highway Authority (NHA), Pakistan Steel Mill, Pakistan International Airlines (PIA), WAPDA, PEPCO, Printing Corporation, PBC, and HEC have not only failed to improve their performance, but also to curb on corruption.
These departments and corporations have received from government over Rs 1.7 trillions capitals in the head of loans and supplementary grants since the Pakistan Peoples’ Party (PPP) government is installed. Interest on these capitals will be applicable which the then monitory policy will suggest.
Sources said that PIA has taken the loan of Rs 8 billions on 10 percent interest rate, which is to be reimbursed in 10 to 12 years time. On the other hand, NHA, Printing Corporation, Steel Mill, PIA, WAPDA and PEPCO have also been provided with supplementary grants which amount to about Rs 38 billions since loans couldn’t narrow down their deficits.
It is notable that finance ministry itself and Public Accounts Committee (PAC) as well have banned the release of such supplementary grants because of deteriorated economy.
This has also been learnt from the documents that Printing Corporation had been given Rs 240 million loans, which will be reimbursed after auctioning the corporation’s property.
Loans and supplementary grants were also given to Lahore Garments City, Hub Dam and Khanpur Dam. WAPDA and PEPCO topped the recipient’s list of white elephants where both collectively received Rs 42 billion in three years’ time.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription